Term loans in Toronto
A lump sum repaid over a set term. NorthMerit matches Toronto businesses with one financing partner suited to their request.
Key points
- A term loan gives you one lump sum that you repay in regular payments over a set time.
- It suits planned investments with a known cost, like expansion, renovations or hiring.
- Loans can be secured by business assets, backed by a personal guarantee, or unsecured.
- Government-backed programs can help eligible small businesses borrow on better terms.
Term loans for Toronto businesses
A term loan gives your business a single amount up front, repaid on a fixed schedule. It suits planned investments where you know the cost and want predictable payments.
In Toronto, it’s common among businesses in financial services, technology and construction. A partner who works locally understands the timing and the risks in those sectors.
What Toronto businesses use it for
- Expansion and renovations
- Hiring and working capital
- Refinancing existing debt
How NorthMerit can help
Apply once and we’ll connect you with one financing partner who works with businesses like yours. It’s free, and there’s no obligation.
Where to get term loans in Toronto
| Option | How much | What you need | Good for |
|---|---|---|---|
| Bank or credit union loan | Varies with revenue and security | Usually 2+ years of statements, good credit, often a personal guarantee and collateral | Established, profitable businesses |
| Canada Small Business Financing Program | Up to $1.15M: $1M in term loans (up to $500K for equipment and leaseholds) plus a $150K line of credit | Revenue of $10M or less; arranged through your bank or credit union; 2% registration fee | Start-ups and businesses short on collateral |
| BDC small business loan | Up to $350K, applied for online | 24 months in business, profitable, credit score of 600+, revenue of $100K+ ($250K+ above $100K) | Working capital, growth, refinancing |
Free advice: Enterprise Toronto offers free in-person guidance from small business advisors, consultations and mentorship at the City’s small business centres. Visit
The City describes Toronto as North America’s second-largest financial centre by employment and home to Canada’s largest concentration of food and beverage manufacturers.
What a lender will ask
- The amount and what it’s for
- Your revenue and time in business
- Existing debts and obligations
Verified before it’s shared
Your business is confirmed against the Ontario Business Registry or Corporations Canada, along with your authority to borrow and your contact details. The partner starts with verified facts.
Learn more about term loans
Our full guide explains how term loans works, what it costs, a worked example and what lenders look at.
Common questions
How long are term loans?
Do I need collateral?
Term loans nearby
The right financing, from the right partner.
Apply once. One financing partner who knows businesses like yours. Free, with no obligation.
